A quality modern industrial shed located in Carmichael Street, Raymond Terrace has been leased by Ray White Commercial Newcastle.

The property, previously occupied by a gymnasium is now leased by Ziggys Design Driven a Specialist Hot Rod & Motor Vehicle Builder.

Leasing Agent, John Parnham secured the new tenant on a ten (10) year initial term with two further options to renew of five (5) years. To compensate the extensive fit out works required a reduced rental has been offered for the first two years with annual fixed increases of $7,800 to 2017 with CPI Increases each year thereafter.

Inquiries were sourced through our Ray White database, Real Commercial & Ray White Commercial Newcastle Site. Inquiries ranged from a wide range of local & national tenants.

Lease Analysis*
Tenant:Ziggys Design Driven
Annual Rent:$36,400 + Outgoings
Initial Term:10 years
Option period:5 +5 year
Rent Review:Fixed 2yr ($7,800) & CPI
Permitted Use:Motor Vehicle Design
Area:670m²*

 

*approx